Markets

Morning Natural Gas Market Report

Some traders might suggest that natural gas prices are somewhat technically overbought after the sharp run up this week. Others are even suggesting that the magnitude of fundamental change this week fails to justify the rally this week. It does seem as if part of the run up was the result of fears of an above normal hurricane season. However, there was some buying interest off the weekly gas storage report, which showed a smaller than expected injection. The weekly natural gas storage report showed an injection of 83 bcf. Total storage stands at 2107 bcf or 2.0% below the 5 year average. Over the last four weeks natural gas storage has increased 350 bcf. Therefore, the market was splitting hairs over the weekly inventory readings and it managed to put a distinctly positive spin on that development. However, the natural gas market would seem to be swimming against the macro economic tide and therefore the payroll result this morning might have a noted impact on prices today.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities